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Things to keep in mind while Buying A Health Insurance Plan

While claiming money from insurance companies during hospitalization, you’ll hear reasons like:

  • This is not covered
  • Or better still this is covered only after ‘x’ years
  • You have overspent; your eligibility was only this – so that’s all you’ll get. (Nobody in the world can understand that calculation)

Premium – This is what you pay
A premium is the “fee” you pay to remain covered in your insurance plan.
Normally, good things don’t come cheap. The cheapest available plan may not be the best one for you or your family. Always look at the premium in return for the benefits or the coverage you get.

Sum Assured – The max you can get
Sum Assured is a fairly simple concept, once understood. As the words suggest it means the maximum the insurance company will pay under all possible heads in case of hospitalization. The heads range from treatment, procedure, or surgery expenses, to room charges at the hospital, to
follow-up treatment after discharge from hospital, ambulance charges etc.

No Claim Bonus – Ensure you get your freebie
Think of no claim bonus as a gift for being a good kid. You don’t do anything bad and still, get a gift. So, you don’t get unwell and don’t claim, you get discounts on your premium or a free increase in cover. This is calculated every year. Every year that you don’t claim, you get a discount ranging from 5% to 50%. Some companies now double your cover in approximately 2-3 years. Medical inflation in India is about 15%. So roughly the cost doubles 4-5 years. A free increase in cover is priceless.

Waiting period & Exclusions – Insurance Company says ‘Don’t cheat us’.
Another important aspect to remember is that none of the health insurance plans ‘start immediately after’ you buy them. This means that all companies make you wait for a defined period of time before you are eligible to claim. This is called the “waiting period”. The waiting period is of various types-

  • In the initial waiting period, which is the first 30 days, you remain out of cover in spite of buying the policy, except in the case of hospitalization due to accidents. You can’t fall ill, then buy and then claim. This so that people don’t game the system.
  • Exclusion waiting period- Once your cover becomes active, certain procedures or disorders are not covered for a specified period of time- usually 2-3 years. A few of them are cataracts, fibroids, appendix removal, hernia removal, etc. This is for conditions that probably do not require immediate attention and can be lurking for years before you treat them. So, the waiting period clause is to defend the Insurance Company from fraudsters. This waiting period can be as high as 4 years for conditions that already exist (pre-existing conditions) before buying an insurance plan.

So, if you have suffered from any of these or have a family history – check what is not covered and for how long. Don’t assume or ignore, it might bite you.


Top 5 Health Insurance Policies

In the last couple of years, the term medical insurance has touched the seventh sky with new discoveries. Studies and researchers show that changes in the lifestyle of a normal human being make up prone to illness and fatigue. So, here are the top 5 health insurance, which you can opt for:

Care Plan by Care Health Insurance (Religare)
Care Plan from Care Health Insurance is a health insurance policy that covers medical expenses of the injured occurring from the illness, injury, or accident. Care plan is available in 5 ways which include Care 3, Care 4, Care 5, Care 6, and Care 7.

Policyholders can easily get an insurance plan for a sum insured which ranges between INR 4 lacs to INR 6 crore under this plan. The policy also provides some other add-on benefits that policyholders can opt for by paying a little extra premium. These include the Unlimited Automatic Recharge, Smart Select, International Second opinion, everyday care, No Claim Bonus Super, personal accident cover, and air ambulance.

ICICI Lombard Complete Health Insurance- iHealth
ICICI Lombard Complete Health Plan is mainly referred to as the best plans among many other health insurance plans which are offered by this insurance company. This plan comes out with several benefits such as free health check-ups, emergency ambulance covers, cashless hospitalization, tax benefit, and much more. It provides a lifelong renewability

Additionally, apart from the hospitalization expenses and treatment expenses, this policy also covers the expenses incurred due to the day care process. One can also enjoy a cashless facility at all cashless network hospitals under this plan.

Max Bupa Health Companion Health Insurance Plan
Max Bupa Health Insurance provides a health companion health insurance plan. It offers customized insurance policies that can easily go well with the different needs of customers. The benefits of this policy are: inclusive of pre & post hospitalization, Avail in-patient treatment under the Aayushman up to the base sum insured, daily cash allowance and covers hospitalization.

Star Health – Senior Citizens Red Carpet
If you are looking to buy a health insurance cover for a senior citizen, the best option which is available in India is Senior Citizens Red Carpet from Star Health Insurance. This insurance plan has an entry age of 60 years to 75 years. It provides a cover of around INR 10 lacs, but the greatest benefit
is that all the pre-existing diseases are covered without any waiting period at all.

Star health insurance provides a 10% discount on premium if stress thallium, blood urea BP report, and creatinine reports are normal. That said, no other medical exam is required to subscribe to this
insurance plan. This insurance plan also covers the emergency ambulance charges and domiciliary treatments. This plan has a co-payment of 50% of the pre-existing diseases and 30% on any other diseases.

Tata AIG Insurance
Tata AIG carries an AAA rating by the ICRA for its ability to pay claims and policyholder obligations in a timely manner. The individual death claim ratio for 2018-2019 was 96.12%. Tata AIG Medicare is a comprehensive plan which is initially offered for 1, 2, or 3 years.

One can avail of a long-term premium discount of 5% and 10% for the policy with a period tenure of 2 and 3 years respectively. The best part is that the policy covers the medical expenses which are being incurred outside India too. Moreover, the initial diagnosis should have been made in India. Tata AIG Medicare health plans come in three variants – Medicare Protect, Medicare, and Medicare Premier.


What is Term Insurance?

Term insurance is a pure protection insurance plan which provides cover for a specified period of time. Term insurance plans are the least expensive of all the life insurance products when compared against the sum assured offered by them. It is advisable to evaluate your requirements before
selecting the right term insurance plan for yourself.

A term insurance plan is the best gift you can give to your loved ones. A term insurance plan will provide financial protection in case of your unfortunate demise. There are many insurance companies operating their business in India that offer different types of term plans.

Here are the 4 basic types of term insurance plans:

  1. Level Term Plans – This is a level sum assured term insurance plan in which the coverage amount remains fixed throughout the policy term.
  2. Decreasing Term Plan – As per the decreasing term plan, the sum assured amount decreases by a fixed percentage each year. It is a renewable term life insurance plan in which the premiums are constant throughout the policy term.
  3. Increasing Term Plan – As per the increasing term plan, the sum assured amount will increase by a pre-set percentage on an annual basis. Such plans as useful because the cost of living expenses and inflation also increases every year.
  4. Monthly Income Plan – As per the monthly income plan, the sum assured benefit is paid out in regular monthly installments to the nominees in case of death of the policyholder.

In short, a term insurance plan is the best gift you can give to yourself and your family. Purchasing a term plan will ease your mind as you need not worry about your family’s financial needs in the long run.

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